NOTE 2 - GOING CONCERN

9 Months Ended

Sep. 28, 2013

Going Concern Disclosure [Abstract]

Going Concern Disclosure [Text Block]

NOTE 2 – GOING CONCERN

For most of 2012, the Company had operated under difficult circumstances.  For the year ended December 29, 2012, the Company reported a net loss of approximately $33.6 million that included a non-cash charge of approximately $16.9 million related to a goodwill impairment and a non-cash charge of approximately $6.8 million related to a valuation allowance established in connection with the Company’s deferred tax assets.   During 2012, the Company’s net borrowings under its revolving credit facilities increased approximately $10.5 million to fund operations.  Due to challenging market conditions, the Company’s revenues and profitability declined during 2012.  As a result, the Company implemented a profit improvement plan that led to the divestiture of certain operations.

In November 2012, the Company completed the divestiture of its Land and Right-of-Way division of its Field Solutions segment.  The Company subsequently completed the divestiture of the Inspection division of its Field Solutions segment effective January 3, 2013.  Refer to Note 3 – Discontinued Operations for additional information regarding these two divestitures.  In addition, the Company sold substantially all of its Gulf Coast engineering and in-plant operations on August 30, 2013, with net proceeds from the sale of these operations used to repay all outstanding advances under the PNC Credit Facility and for working capital needs. Refer to Note 4 – Disposal of Continuing Operations.

As of September 28, 2013, the Company had resolved its defaults, had no borrowings under the Line of Credit issued under the Amended PNC Credit Facility and $1.1 million Letters of Credit issued under the Amended PNC Credit Facility.  Refer to Note 7 – Line of Credit and Letter of Credit Facilities for additional information.  As a result of these transactions, we have completed the review of our strategic alternatives.  We believe that our working capital is sufficient to fund our operations.